Aboagye Mensah started business on January 1, 2009 with a capital of GHE16.000. The folowing transactions were camied out during the month of January Purchased fumiture by cash GH2400 Purchased stationery GH200 cash Purchased goods by cash G3.500. Purchased goods on credt Adoa GHeS.000 Sold goods for cash GHe.000 Sold goods to Kwame on oredt GH2.400 Paid advertisement expenses Gh200 cash Januaryt 15 10 20 25 Paid Adpe GH.500 cash being part of setements of goods purchased Paid rent in cash GH300 Paid salares and wages GHgt00 cash You are red o wte p Ledger Accounts reconding the above transactions and edract 28 31 Tral Balance
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- Fatimah extracted the following transaction for the month of May: 1 Started the business with cash RM1,000 and bank account of RM19,000 as capital. 3 Bought computer RM3,600 from Syarikat Cerah Sdn. Bhd. on credit term. 7 Purchased goods RM6,000 from Daya & Co on credit term. 9 Received cheque RM2,600 from sales on cash term. 12 Issued a cheque RM3,000 for purchases of goods on cash term. 16 Issued a cheque RM5,700 to Daya & Co., as settlement of purchases above, after deducting a discount received of RM300. 17 Sales of goods RM4,000 to Era Enterprise on credit term. 21 Fatimah withdrew cash RM200 for family use. 24 Issued a cheque RM2,000 to Syarikat Cerah Sdn. Bhd. as partial settlement of amount owing. 27 Received cheque RM3,800 from Era Enterprise, as settlement of sales above, after deducting discount allowed of RM200. 28 Miscellaneous expense RM280 paid by cash. Required: Prepare the journal entries…The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required: Prepare general ledger accounts.The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required:• Prepare journal entries.• Prepare general ledger accounts.• Test the accuracy of your posting by taking out a pre-closing Trial Balance having complete titleand column headings.
- The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required: Prepare general ledger acounts with balancing and trial balance.The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required: Prepare Trial Balance having complete title and column headings.The following transactions were completed by Ronaldo during the month of June 2016. 01 Commenced business with an investment of cash Rs. 30,000 and furniture worth Rs. 20,000. 02 Purchased merchandise on account from Neymar for Rs. 25,000 and paid carriage thereon Rs. 500. 04 Purchased equipment for cash Rs. 2,000. 06 Withdrew merchandise worth Rs. 600 and cash Rs. 1,300 for personal use. 08 Cash sales for the day Rs. 3,000. 12 Purchased supplies for cash Rs. 1,500. 15 Paid salaries in cash Rs. 2,600. 19 Sold merchandise on account to Messi Rs. 6,000. 22 Defective goods returned by Messi of Rs. 300. 25 Paid rent in cash Rs. 1,000. 27 Paid to Neymar Rs. 16,000. 29 Received cash from Tariq Rs. 4,000. 30 Paid for insurance Rs. 900. Required: Prepare journal entries. Prepare general ledger accounts. Prepare Trial Balance having complete title and column headings.
- Following are the transactions of HASF who operated his business in the name of HASF and company while his capital investment is 50,000 on May 1 2021 May 1 Purchased merchandise for cash 35,000 May 2 sales merchandise for cash 48,000 May 3 Purchase merchandise on account 6,000 May 3 sales merchandise on account 7,200 May 5 Return credit merchandise from customer 1,200 May 7 Return damaged merchandise ( credit ) to company 1,000 May 8 cash received from customers 5,500 May 9 paid salary expense 5,000 NOTE: No need to enter Currency Symbol, no comma between numbers, answer will be in whole number no decimal place required and no need to enter any sign like + and - (for example: $10,000.60=10000.6) 1. Find out the following ledger balance and total trial balance at end of May 30 Calculate Cash Calculate Capital Calculate Purchases Calculate A/c payable Calculate Purchas return Calculate Sales Calculate A/c receivable Calculate Sales return Calculate Salary expense Calculate Trial…Mr. Steve Persian hired Elizabeth to prepare the Statement of Financial Position of his business. To prepare the statement, Elizabeth identified the following assets and liabilities of Mr. Persian: a. Cash deposited in YKY Bank amounting to P100, 000 b. He has uncollected sales from customers amounting to P50, 000 c. The total amount of merchandise left inside the warehouse is P35, 000 d. Steve paid in advance the rent amounting to P15, 000 for one year. e. The machineries and equipment amounted to P150, 000 f. He bought the materials from his suppliers amounting to P30, 000 and promised to pay the said amount one month after the end of the year. g. He paid the contributions of his employees such as SSS, Philhealth and Pag ibig amounting to P6, 500 h. Outstanding balance to Meralco is amounting to P3, 500 i. He acquired a 2 year loan from YKY Bank amounting to P45, 000.Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1 Started business with RM12,000 cash 2 Bought goods on credit from Shahirah RM1,000 3 Paid rent by cash RM200 4 Paid RM11,000 of the business cash into the business bank account 6 Sold goods on credit to Tini RM600 7 Bought stationery by cheque RM50 11 Cash sales RM100 14 Returned goods to Shahirah RM150 15 Sold goods on credit to Tinggasamy RM1,200 18 Goods returned by Tini RM45 23 Paid Shahirah by cheque RM850 25 Cash purchases RM250 27 Received cheque from Tinggasamy RM500 28 Received commission by cash RM100 Required: Record all the transaction in the general journal (with narration) Record the transaction in the appropriate ledger accounts and balance all the account Prepare the trial balance as at 28 February 2020
- Refer to the following transactions entered into by TH Traders during the year ended 30 June 2012 and answer the question that follow: Transaction 1. The owner deposited R 60 000 into business account as his contribution to the business 2. Sold goods on credit to F Meko, R 7 000 3. The business obtained a loan of R30 000 from FNB. 4. Bought stationery on credit, R300 5. Cash sales of goods, R6 500. The goods were bought for R4 000 6. Purchased furniture and equipment on credit from FBD Ltd R5 000 7. The owner used a business cheque to pay for his personal accounts, R4 000 8. Purchased Equipment worth R60 000. R42 000 was paid using cash and the remainder will be paid in 3 months’ time. REQUIRED: Record the above transactions using the Accounting Equation. Use the following format to answer this question: Example: Paid for advertising R300. TRANSACTION ASSETS =EQUITY + LIABILITIES Example -300 -300 0On January 1, 2010, the capital of Delta Company was P1,700,000 and on December 31, 2010, the capital was P2,400,000. During the current year, Delta withdrew merchandise costing P100,000 for personal use and with sales value of P180,000, and paid a P1,000,000 note payable of the business with interest of 12% for six months with a check drawn on a personal checking account. What was the net income or loss for 2010? Choices; 260,000 income 260,000 loss 180,000 income 180,000 lossCaroline commenced business on 1 January 2016 trading as ‘Caroline’s kitchen Cabinets’ selling3-K Kitchen furniture. She had opened a business bank account on 15 December 2015, paying P25000 into it as her opening capital. On 21 December 2015, she rented premises, paying the firstquarter’s rent, due on 25 December 2015, P1 200. Other expenditure in the same month was forthe purchase of fixed assets for cash, P8 000, and inventory P20 000 which was bought on onemonth’s credit.Caroline Estimates that her other purchases and the sales for the year to 31 December 2016 willbe as follows:3 months to Purchases SalesBWP BWPMarch 31 12 000 15 000June 30 18 000 24 000September 30 21 000 30 000December 31 15 000 36 000- All purchases and sales will be on one month’s credit- Other expenditure in 2016 will be as follows:- January 5, purchase of motor van for cash P5 000, the van is to be depreciated annually atthe rate of 20% on cost- Wages of P2 000 per month paid currently - Caroline will draw…